Richard Jefferson Opts Out

Still though, if they can get him for $5-6mil per year, then it's something to consider.

Agreed. But I doubt he's the player most teams looking to sign a big free agent are thinking of right now and if he wants anything like his previous salary, he's surely out of luck.

what happens to player salaries if they do lock out? do they still get paid or what happens? seems like alot of money to risk when there might not even be a 11/12 season

Players don't get paid when there is a lockout.
That's why it's a matter of the multi-millionaires (players) against the billionaires (owners) to see who can last longer without making money/profit.